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SmarTrend Watching for Potential Pullback in Shares of National Oilwell Varco After 1.61% Gain
Feb 14, 2012 (SmarTrend(R) News Watch via COMTEX) --
National Oilwell Varco (NYSE:NOV) traded in a range yesterday that spanned from a low of $81.99 to a high of $83.96. Yesterday, the shares gained 1.6%, which took the trading range above the 3-day high of $83.59 on volume of 4.7 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
In the past 52 weeks, shares of National Oilwell Varco have traded between a low of $47.97 and a high of $86.71 and are now at $83.94, which is 75% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.2%.
SmarTrend recommended that subscribers consider buying shares of National Oilwell Varco on January 3rd, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $70.72. Since that recommendation, shares of National Oilwell Varco have risen 16.8%. We continue to monitor NOV for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Write to Chip Brian at cbrian@mysmartrend.com
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SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com
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